Bendigo Bank forms new wealth management division
The BendigoBank has consolidated its existing financial planning subsidiaries under a new division, Bendigo Bank Wealth Management, ahead of a planned launch into Queensland.
The bank has already begun advertising for financial advisers in Queensland, where it expects the new wealth management division to establish a financial planning sales force capable of operating across its 51 branches in the state.
The move by Bendigo to consolidate its financial planning operations under the new wealth management unit follows the announcement last week that the bank had bought back the 50 per cent stake in the financial planning joint venture it owned with IOOF.
The joint venture business, Bendigo Investment Services, which had some 20 financial planners operating through the bank’s 110 branches in Victoria, will now be rolled into Bendigo Bank Wealth Management.
The group’s other financial planning business in Victoria, Morley Securities, as well as the financial planners operating out of Bendigo Bank branches in South Australia, will also come under the new wealth management division’s umbrella.
The rollout of the new wealth management division will be accompanied by the launch of four new investment funds by the bank.
A spokesperson for the bank says the four new products will include a conservative, balanced, growth and future leaders fund, all of which will be distributed through Bendigo Bank Wealth Management.
News of the new funds comes as Bendigo is poised to sign a funds management joint venture with IOOF.
As reported byMoney Managementlast week, the bank is expected to sign up the group to provide all its funds management operations, including product development.
Recommended for you
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
Nuveen has appointed a global head of estate, a successor to Chris McGibbon who steps down after almost 25 years.
